PH shares recover, market struggles to find leads

Philippine shares on Wednesday continued to recover from Tuesday’s one-day correction, but investors are still struggling to find leads that could possibly temper whatever effect the June inflation data to be released this week will have on the local market.

The Philippine Stock Exchange index (PSEi) closed up 23.99 points, or 0.35 percent higher at 6,850.60, while the wider all shares added 8.00 points, or 0.19 percent to finish the Wednesday session at 4,104.49.

“Trading stayed slack throughout the day as investors groped for leads. Optimism crept back cautiously, however keeping the index in the green,” Calaycay said.

“Investors may also be holding back ahead of the June inflation report due out this week,” he added.

Most of the sectoral indices also capped the session in the green, except for the property counter, which shed 12.79 points, or 0.49 percent to 2,589.35.

Financials had the day’s largest gain, adding 12.06 points, or 0.74 percent to end at 1,646.09, followed by holding firms, which rose by 26.09 points, or 0.42 percent to 6,237.67. Services improved by 7.08 points, or 0.35 percent to 2,051.69, and mining and oil was up by 26.13 points, or 0.16 percent to 16,514.89. Industrials added 16.77 points, or 0.16 percent to close at 10,352.78.

3.2 billion shares with a total value of P7.02 billion changed hands on Wednesday, with advancers just edging out decliners 95 to 93, while 40 issues were unchanged.

Some of the most actively traded stocks were Philippine Long Distance Telephone Co., down 0.20 percent to P2,978.00; Ayala Land, Inc., down 1.31 percent to P30.20, Ayala Corp., up 1.47 percent to P654.50, BDO Unibank, Inc., up 1.47 percent to P93.00, and Alliance Global Group, Inc., up 0.51 percent to P29.35.

With not much significant movement on any specific blue chip stocks, Calaycay said “prices stayed on a narrow range.”

While managing to stay above the 6,800-level, Philippine shares closed down on Tuesday as profit-taking occurred.

The main index was down by 17.70 points, or 0.26 percent to close at 6,826.61, while the wider all shares shed 9.79 points, or 0.24 percent to 4,096.49.